Market Research Report
North America Cocoa Market Forecast 2021-2028
|North America Cocoa Market Forecast 2021-2028|
Published: September 14, 2021
Content info: 123 Pages
Delivery time: 2-3 business days
The North America cocoa market is expected to progress at a CAGR of 3.80% during the forecast period, 2021-2028. The region has the presence of big domestic companies. It has also been the dominant market for cocoa products with regard to production, consumption, and innovations. In addition, there is an increasing awareness among people in terms of the health benefits of cocoa products.
Canada and the United States are evaluated for the North America cocoa market growth analysis. The food & beverage sector is the second-largest manufacturing industry in Canada, generating more than $112 billion in production value. Also, there is a surging demand for cocoa with the increasing number of cafes, restaurants, catering businesses, food manufacturing operations, bakeries, etc.
Further, the country leads in the North American region. It exported the highest dollar value worth chocolate during 2020, 5.6% of total chocolate exports. Additionally, it is among the largest chocolate consumers worldwide. Its average consumption is 6.4 kgs per year, 1 kg more than the US, as per the Inter-American Institute for Cooperation on Agriculture.
Moreover, the bakery and confectionery industry in North America is estimated to witness growth, given the growing preference for low-sugar confectioneries. Furthermore, there is a growing demand for cocoa-rich and organic chocolates and bakery products.
Some of the key firms in the market include: Touton SA, Bloomer Chocolate Company, Cargill Incorporated, Puratos Group, The Hershey Company, etc.